The
Department of National Defense (DND) said in a statement on Friday that it has
finally lifted the moratorium on the new pension system of the Armed Forces of
the Philippines Pension and Gratuity Management Center (AFPPGMC).
This
will allow the transfer pension accounts to automated teller machine (ATM) of
any authorized government servicing banks (AGSB) from various financial
institutions.
The
lifting based on a memorandum last March 7 will allow the AFP to implement the
new system on June 30 this year.
The
new system, which was supposed to take effect last Jan. 1, was halted due to a
moratorium from the Defense Secretary in December last year following an
opposition from affected financial institutions.
The
moratorium allowed the AFP to consult with affected stakeholders for the
resolution of issues and also to coordinate with the Department of Budget and
Management (DBM) for further study of the new pension system and process
according to existing rules and regulations.
AFP
pensioners are requested to apply or transfer their pensions to any AGSB,
including the Land Bank of the Philippines, United Coconut Planters Bank,
Philippine Veterans Bank, and the Development Bank of the Philippines
They
are also requested to get a letter of introduction (LOI) from any finance
service unit and present it to the AGSB of their choice for them to open their
AFP Pension Account.
They
are then requested to proceed to the AFPPGMC with their LOI and a copy of their
pension account before June 30.
http://www.pna.gov.ph/index.php?idn=1&sid=&nid=1&rid=646464
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